03 October 2003

Big Concerns: New Financial Regs

"The following is a brief, and by no means complete, list of the major topics preoccupying compliance officers at financial institutions, large and small. While these regulations include those that affect all companies and those that only affect certain lines of business in banks, they all have one thing in common-the IT department will have to get involved."

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Operational Risk is defined as the risk of loss resulting from inadequate or failed processes, people, and systems or from external events. The definition includes legal risk, which is the risk of loss resulting from failure to comply with laws as well as prudent ethical standards and contractual obligations. It also includes exposure to litigation from all aspects of an institutions activities.

"The Only Thing Necessary For Evil To Triumph Is For Good Men To Do Nothing." --E. Burke